Consider asking yourself these questions when you wonder if you are ready to buy:

• Have I been steadily employed for the last two to three years?
• Is my current income reliable for the foreseeable future?
• Do I have a positive bill-paying history?
• Do I have a few outstanding long-term debts, like car payments?
• Have I saved for a down payment?
• Can I afford to pay a mortgage, taxes, utilities, and insurance?
• Do I have other savings in case of an emergency?

A credit score numerically summarises an individual’s credit history and gives an overview of their financial position to a lender. Mortgage lenders have the credit score as a reference to decide if the borrower can get a loan and at what interest. rate. The higher the score means the better the chance of getting a loan with an attractive interest rate. A low score would not mean you do not get a loan but could prolong the process.

Yes. A home inspector is usually confused with a real estate appraiser. A home inspector determines the condition of a structure, whereas an appraiser determines the value of a property. You will most likely need both when buying your first home.

Saving for the down payment is a huge challenge for first-time homebuyers. Lenders expect between 5% to 20% for a down payment. However, it could vary from lender to lender and the kind of loan.